Samsung Electronics has officially appointed Lee Jae-yong as its new executive chairman, citing a need for “accountability and business stability”.
Lee, also known as Jay Y. Lee, has been appointed to the role permanently, having served as interim executive chairman since 2014.
He took on the interim role when his father Lee Kun-hee, the group chairman of Samsung, was hospitalised due to ill health, the BBC reports.
Lee Jae-yong, who belongs to the third generation of the original founding family, was convicted of bribery and embezzlement in 2017. He spent 207 days in prison for bribing the former president of South Korea.
The new executive chairman was granted a special presidential pardon in August.
A statement released by the company said: “The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.”
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